As previously reported, BofA/Merrill downgraded Vulcan Materials to Underperform from Neutral and cut its price target to $103 from $120. Analyst Timna Tanners thinks increased hurricane activity and unusually heavy rains have contributed to disappointing volumes and a lower multiple is more appropriate given lack of catalysts and concerns the US construction cycle is nearing a peak. Tanners also said Vulcan is expecting margins to be squeezed due to higher diesel costs and is having some challenges in certain regions passing through higher costs.